FUTUREAL Group and IMMOFINANZ Group have completed the sale and purchase of the Gold Plaza Project, the first modern shopping and entertainment center in the northwest of Romania.
Gold Plaza is a joint development project between FUTUREAL Group, one of the leading property development groups in CEE and the IMMOFINANZ Group, one of the largest investors in the CEE and SEE region. FUTUREAL has acted in this partnership as the development partner, while the IMMOFINANZ Group has taken the role of joint developer as well as the purchaser of the completed mall.
"Gold Plaza is the first shopping and entertainment center in the northwest of Romania and as such covers a population of 1.2 million inhabitants within less than one hour's drive time with no closer alternative. With great architecture and design, good visibility and accessibility and attractive tenant and product mix, Gold Plaza established itself as the retail center of the northwest. Our success in Baia Mare sends a good message not only to the city and the region, but also to the retail sector in Romania," said Eran Socher, Director of the project.
Gold Plaza, with 30,000 m² of leasable area opened last November, had a very successful start with close to 90% occupancy, and 160,000 visitors during its first weekend.
"Since then, we enjoy a solid footfall and good turnover figures. We definitely feel that this mall is one of the best in the country for its kind," indicated the mall management.
Gold Plaza's anchor tenants include hypermarket chain Cora, Cinema City with the first modern multiplex cinema in the region, C&A, New Yorker, Deichmann, Takko, Leonardo, Waikiki, Domo, Altex, House of Art, San Francisco, Fox, Douglas, Centrofarm, Orsay, Best of Bowling, Kenvelo, Jeans Club, and many more leading tenants.
Out of over a 100 shopping centers announced in Romania, Gold Plaza is one of only a handful in the recent years that has been able to obtain and maintain development finance, to secure strong tenant interest and to complete construction.
"From our perspective, Gold Plaza has been built not of bricks and mortar, but of partnership: Partnership between the IMMOFINANZ Group and FUTUREAL, the shareholders of the project, a strong partnership with the municipality and the local enterprises of Baia Mare.
"The commitment from MKB Bank, our contractors as well as the trust of our tenants have proved to be the critical success factors in these challenging economic times. We are thankful for all of their support," said Gabor Futo, Founder and CEO of the FUTUREAL Group.